Multichain Whitehat Hacker Returns 259 ETH: Report

Cross-chain protocol users lashed out at a security flaw that was discovered earlier in the week and Multichain’s inaction. Multichain later revealed that one whitehat hacker had returned 259 Ethereum, which is approximately $813,000.

Multichain Exploit

Multichain first announced that there was a flaw in Multichain’s system, making several accounts susceptible to attacks by malicious entities. In order to protect their assets and prevent hackers from exploiting the flaw, the protocol team urged users to revoke their approvals for six tokens – WETH and PERI.

Update According to the tracking data, one whitehat hacker has returned 259 ETH (https://t.co/BvTwOQTsE1). At the moment, 602.693538 ETH has been exploited. We are working to return more funds.

Multichain (previously Anyswap). (@MultichainOrg January 20, 2022).

Multichain reports that three hackers stole Ether worth $1.9 million from them. The Co-founder of ZenGo Tal Be’ery however estimated that the stolen amount could have exceeded $3 million.

One hacker stole $1.43million from users who had not updated their approvals. Another hacker offered to pay back 80% of the funds and took $150,000 as a tip. One victim, who had reportedly lost $960,000 through the exploit, negotiated with another hacker and offered 50 ETH as a reward for the money.

Chaos

Multichain claimed that funds were safe even though the exploit was in progress, confusing users. Multichain was contacted by several victims who demanded compensation and accused the scammers, in a since deleted tweet, of trying to impersonate them to steal more user funds.

DeFi Security company Dedaub first reported the bug, but Multichain claimed that it had been fixed.

Multichain, formerly known as Anyswap. It is a cross-blockchain routing protocol that allows users to swap and trade digital tokens across multiple chains. It streamlines and reduces fees. In December, Binance Labs led a seed round of funding that netted $60 million.

This latest breach follows CryptoCom’s January 17th admission of an exploit in which hackers stole more $30 million. After receiving a number of complaints from users claiming that their funds were missing, CryptoCom had announced earlier that it would suspend withdrawals. After being accused of vague communication, CryptoCom only acknowledged the breach on Thursday.

Read More

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami